Bill Koch (businessman)

William Ingraham "Bill" Koch (/ˈkoʊk/; born May 3, 1940) is an American businessman, sailor, and collector. His boat was the winner of the America's Cup in 1992. Forbes estimated William Koch's net worth was $4.0 billion in March 2012 from oil and other investments.[1]

Bill worked in his family's company. He and his eldest brother Frederick R. Koch had inherited Koch Industries stock. In 1983 the stock netted them $800 million in a sale to their brothers, Charles and David.[4] Until 2001 Bill and Fred spent nearly 15 years in consecutive lawsuits with their brothers, whom they accused of having cheated them.

Legal disputes against Charles and David lasted some two decades. Bill and his eldest brother, Frederick, sided with J. Howard Marshall III, J. Howard Marshall II's eldest son, against Charles and David at one point, in order to take over the company. In 2001, Bill Koch reached a settlement in a case where he had charged the company was taking oil from federal and Indian land. This settlement ended all litigation between the brothers.[5] CBS News reported that Koch Industries settled for $25 million, and Bill received one-third of the settlement for bringing the suit.[6]

Koch won the America's Cup in 1992 with the yacht America³, defeating an Italian team four races to one. Its overall record including trials was 28-10. Koch reportedly spent around $65 million on his effort and though an amateur, sailed on the crew himself, assisted by veteran sailors like Buddy Melges.[11]

In 1995, he financed another team to compete for the cup. This time the crew consisted entirely of women except for tactician David Dellenbaugh, on a yacht named Mighty Mary. However, the boat lost to Dennis Conner's Stars & Stripes in the trials.[12]

Koch is an avid collector of art and wine, and especially of maritime memorabilia. He has filed several high-profile suits against sellers of counterfeit wines, most notably a suit against Hardy Rodenstock for the sale of wine purported to have been owned by Thomas Jefferson.[13] Koch also sued Rudy Kurniawan as well as the auction house Acker, Merrall & Condit through whom Koch purchased Kurniawan's wine. Koch filed the suit against Kurniawan in 2009,[14] and was reported to have a reached a settlement for $3 million in July, 2014.[15][16]

Koch's collection of maritime memorabilia includes model ships, antique nautical instruments, and paintings of ships and seascapes.[7] A 2005 show at the Museum of Fine Arts in Boston featured his various collections, including both the America³ and the ship it defeated, Il Moro di Venezia, displayed on the front lawn. (Koch had bought Il Moro after the competition.) The show was also criticized, however, for glamorizing Koch at the expense of the museum's educational function. Koch had helped finance the show, including paying the cost to move the boats from Rhode Island.[17] He previously owned the former French Class America F1 - IACC F1 renamed later USA-2.

The boats were in Rhode Island because Koch had placed them with a small maritime museum there. Despite the considerable expense of building them, he said "they have absolutely no value" once their racing life is over.[18] Koch, a native of Wichita, Kansas, donated the ship he used in qualifying for the America's Cup races, The Jayhawk, to the Wichita Boathouse. He also supplied money for the city to use in repairing the yacht.[19]

On June 26, 2011, he purchased a 130-year-old photo of the legendary outlaw Billy the Kid for the amount of $2.1 million at a Denver auction. It is currently the only authenticated photo of the outlaw known to exist.[20]

At his Colorado ranch, Koch has a collection of military vehicles, including a M42 Duster antiaircraft gun.[21]

Koch's personal life has also received public attention. In 1994 Koch married Joan Granlund, with whom he had a son, Wyatt. In 1995, he filed a lawsuit against his former lover, Catherine de Castelbajac, to evict her from his $2.5 million condominium at the Four Seasons Hotel in Boston. He said he had allowed her to move in the previous year so she could attend Simmons College, as he seldom used the apartment. When he tried to end the relationship, de Castelbajac refused to move out and claimed he had broken his promises to her. A jury ruled in Koch's favor after a trial noted for its disclosure of torrid letters and faxes between the two.[24]

A complaint by Koch's subsequent wife, Angela, led to his arrest in 2000 based on allegations of domestic violence.[4] The charge was dropped after Angela refused to testify, and the couple later divorced.[25] Koch's third marriage in 2005 was to Bridget Rooney, granddaughter of Pittsburgh Steelers founder Art Rooney. By this time, Koch had fully reconciled with his brother, David, who served as best man.[26]